Video source: View YouTube channel
(Reuters) – Smart-glass maker View Inc said on Monday it would go public through a $1.6 billion merger with a blank-check company sponsored by Cantor Fitzgerald & Co.
View, which expects up to $800 million in proceeds from the deal, said the combined company would be publicly listed on the Nasdaq after the merger with CF Finance Acquisition Corp II closes.
A blank-check company, or a special purpose acquisition company (SPAC), is a shell vehicle that uses capital raised through an initial public offering (IPO) to buy a private company, usually within two years. The deal then takes the private company public.
SPACs have emerged as a quick route to the stock market for companies, particularly auto technology startups concerned about the risk of the lengthy IPO process.
Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath.